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BSM 
Black Stone Minerals LP (BSM)
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Upturn Advisory Summary
01/06/2026: BSM (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
3 Analysts rated it
Very few follow this stock; limited insights, higher-risk early investing.
1 Year Target Price $13
1 Year Target Price $13
| 0 | Strong Buy |
| 0 | Buy |
| 3 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -18.09% | Avg. Invested days 53 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 01/06/2026 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.85B USD | Price to earnings Ratio 11.59 | 1Y Target Price 13 |
Price to earnings Ratio 11.59 | 1Y Target Price 13 | ||
Volume (30-day avg) 3 | Beta 0.11 | 52 Weeks Range 11.43 - 14.78 | Updated Date 01/6/2026 |
52 Weeks Range 11.43 - 14.78 | Updated Date 01/6/2026 | ||
Dividends yield (FY) 9.81% | Basic EPS (TTM) 1.16 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 66.39% | Operating Margin (TTM) 93.93% |
Management Effectiveness
Return on Assets (TTM) 14.15% | Return on Equity (TTM) 23.9% |
Valuation
Trailing PE 11.59 | Forward PE 7.17 | Enterprise Value 2954397186 | Price to Sales(TTM) 6.9 |
Enterprise Value 2954397186 | Price to Sales(TTM) 6.9 | ||
Enterprise Value to Revenue 6.85 | Enterprise Value to EBITDA 9.22 | Shares Outstanding 211862412 | Shares Floating 173881837 |
Shares Outstanding 211862412 | Shares Floating 173881837 | ||
Percent Insiders 20.63 | Percent Institutions 14.17 |
Upturn AI SWOT
Black Stone Minerals LP
Company Overview
History and Background
Black Stone Minerals LP (BSM) was formed in 2010 as a partnership and went public in 2016. It is a leading owner of oil and natural gas mineral and royalty interests in the United States. The company's strategy focuses on acquiring and owning mineral and royalty interests across various basins, aiming for long-term, passive income generation.
Core Business Areas
- Mineral and Royalty Interests: Black Stone Minerals LP owns a large, diverse portfolio of oil and natural gas mineral and royalty interests. These interests are spread across numerous producing basins and undeveloped acreage in the United States, primarily in Texas, New Mexico, Oklahoma, Colorado, and Louisiana. The company's revenue is generated from production royalties, overriding royalty interests, and other forms of passive ownership in oil and gas wells.
Leadership and Structure
Black Stone Minerals LP operates as a publicly traded limited partnership. The general partner is Black Stone Minerals GP LLC, and the management team is led by its President and CEO, Thomas L. Carter. The company's structure is designed to manage its extensive portfolio of mineral and royalty assets.
Top Products and Market Share
Key Offerings
- Mineral and Royalty Rights: Black Stone Minerals LP's primary 'offering' is its ownership of mineral and royalty interests. The value of these interests is directly tied to the production and commodity prices of oil and natural gas. The company does not directly explore, drill, or produce hydrocarbons. Its revenue is derived from lease bonuses, royalties, and other payments from third-party operators who develop the underlying hydrocarbon resources. Market share for this business is difficult to quantify in traditional terms as it represents ownership of subsurface rights rather than a product sold to consumers. Competitors in acquiring these types of interests include other mineral and royalty acquisition companies, private equity firms, and individual investors.
Market Dynamics
Industry Overview
Black Stone Minerals LP operates within the oil and gas mineral and royalty sector, a niche within the broader energy industry. This sector is influenced by global energy demand, commodity prices (oil and natural gas), drilling activity by exploration and production companies, and regulatory environments. The sector is characterized by its passive income generation potential from existing reserves and its sensitivity to commodity price volatility.
Positioning
Black Stone Minerals LP is a leading owner of mineral and royalty interests in the United States, boasting a diversified portfolio across multiple geological basins. Its competitive advantages include its scale, diversified asset base, experienced management team, and its focus on acquiring high-quality, long-life assets. The company's passive business model reduces operational risk associated with exploration and production.
Total Addressable Market (TAM)
The total addressable market for mineral and royalty interests is vast and comprises all privately held mineral rights and royalty interests across the United States. While precise TAM figures are challenging to ascertain due to the fragmented nature of ownership, it represents billions of dollars in potential acquisition value. Black Stone Minerals LP is strategically positioned to capture a significant portion of this market through its continuous acquisition strategy, focusing on both established and emerging plays.
Upturn SWOT Analysis
Strengths
- Diversified Portfolio: Assets spread across multiple producing basins, reducing single-basin risk.
- Passive Income Model: Revenue generated without direct operational or exploration costs.
- Scale and Experience: One of the largest owners of mineral and royalty interests with an experienced management team.
- Strong Financial Position: Ability to pursue acquisitions and manage debt effectively.
- Experienced Management Team: Deep understanding of mineral rights valuation and acquisition.
Weaknesses
- Commodity Price Volatility: Revenue is directly tied to fluctuating oil and natural gas prices.
- Dependence on Third-Party Operators: Success relies on the drilling and production decisions of other companies.
- Limited Organic Growth: Growth primarily driven by acquisitions, not proprietary exploration.
- Lease Expiration Risk: Royalties may cease if leases expire without production.
Opportunities
- Acquisition of New Leases: Opportunities to acquire mineral and royalty interests in new or existing producing areas.
- Increased Drilling Activity: Higher commodity prices can incentivize operators to drill more wells on BSM's acreage.
- Technological Advancements: New drilling and completion technologies can unlock previously uneconomical reserves.
- Geographic Expansion: Potential to acquire interests in new, promising basins.
- Diversification into other energy-related assets (long-term).
Threats
- Sustained Low Commodity Prices: Prolonged periods of low oil and gas prices can significantly impact revenue.
- Regulatory Changes: New environmental or drilling regulations could increase operator costs or limit activity.
- OPEC+ Decisions: Global oil production decisions can significantly influence prices.
- Decline in Production: Natural decline rates in existing wells can reduce royalty income if not offset by new production.
- Shifting Energy Landscape: Long-term transition to renewable energy sources could eventually impact demand for oil and gas.
Competitors and Market Share
Key Competitors
- Coterra Energy Inc. (CTRA)
- Civitas Resources, Inc. (CIVI)
- Pioneer Natural Resources Company (PXD)
Competitive Landscape
Black Stone Minerals LP competes for mineral and royalty acquisitions with other mineral and royalty companies, private equity firms, and individual investors. Its advantage lies in its scale, financial strength, and established relationships with operators. However, other integrated energy companies like Coterra, Civitas, and Pioneer are significant players in the upstream segment and may indirectly compete by acquiring acreage that could contain BSM's mineral interests.
Major Acquisitions
Various Mineral & Royalty Interests
- Year: 2023
- Acquisition Price (USD millions): Variable (ongoing)
- Strategic Rationale: To expand the company's diversified portfolio of oil and natural gas mineral and royalty interests, enhancing long-term revenue generation and cash flow.
Growth Trajectory and Initiatives
Historical Growth: Black Stone Minerals LP's growth has historically been driven by its strategic acquisitions of mineral and royalty interests across various U.S. basins. The company has steadily expanded its portfolio since its inception, leading to increased revenue and distributable cash flow over time.
Future Projections: Future growth projections for Black Stone Minerals LP are generally tied to the outlook for oil and natural gas prices and the level of drilling activity by operators on its acreage. Analyst estimates often focus on future distributable cash flow and potential acquisition targets.
Recent Initiatives: Recent initiatives likely focus on opportunistic acquisitions of high-quality mineral and royalty assets, optimizing existing lease agreements, and potentially engaging in strategic partnerships to enhance portfolio value. The company continuously evaluates opportunities to grow its asset base.
Summary
Black Stone Minerals LP is a strong player in the mineral and royalty sector, benefiting from its diversified asset base and passive income model. Its ability to acquire high-quality assets is a key strength. However, the company is exposed to the inherent volatility of oil and gas prices and its reliance on third-party operators. Close monitoring of commodity markets and operator activity is crucial for its continued success.
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Sources and Disclaimers
Data Sources:
- Company SEC Filings (10-K, 10-Q)
- Investor Relations Websites
- Financial News and Data Providers (e.g., Bloomberg, Refinitiv, Yahoo Finance)
Disclaimers:
This JSON output is for informational purposes only and does not constitute financial advice. Data is based on publicly available information and may not be exhaustive or entirely up-to-date. Users should conduct their own due diligence before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Black Stone Minerals LP
Exchange NYSE | Headquaters Houston, TX, United States | ||
IPO Launch date 2015-05-01 | CEO - | ||
Sector Energy | Industry Oil & Gas E&P | Full time employees - | |
Full time employees - | |||
Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.6 million gross acres located in 41 states in the United States. The company was founded in 1876 and is based in Houston, Texas.
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